Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>UK unemployment confounded market expectations by falling to 3.8% from the lowered profile in the reintroduced LFS data. It is 0.5pp less than the BoE forecast for Q4.</li><li>Residual seasonality may unwind some of this strength in the Spring, and labour demand appears to have softened slightly despite rebounding weekly vacancies data.</li><li>Wage growth also exceeded expectations. Underpinned by high settlements, it may persist near 6%. Strength in pay and jobs suggests the labour market is in rude health.</li></ul><p></p>

UK unemployment confounded market expectations by falling to 3.8% from the lowered profile in the reintroduced LFS data. It is 0.5pp less than the BoE forecast for Q4.Residual seasonality may unwind some of this strength in the Spring, and labour demand appears to have softened slightly despite rebounding weekly vacancies data.Wage growth also exceeded expectations. Underpinned by high settlements, it may persist near 6%. Strength in pay and jobs suggests the labour market is in rude health.

UK: Labour Market In Rude Health